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Tariff watch, Lennar earnings — What you need to know in markets on Tuesday

Myles Udland
Markets Reporter

Stocks started the week on a down note.

On Monday, each of the major indexes declined to start the week with the tech-heavy Nasdaq dropping 1.4%, or 114 points, the largest losses among the major indexes as the FAANG names were hit particularly hard.

The Dow saw the smallest losses among the indexes, dropping 0.35%, while the benchmark S&P 500 dropped 0.56%.

Trade concerns were the factor discussed in guiding Monday’s market action with President Donald Trump on Monday saying that he would announce his latest plans for levying tariffs on Chinese goods after the market close. As of 6:10 p.m. ET no announcement had been made.

“It will be a lot of money coming into the coffers of the United States of America. A lot of money coming in,” Trump told reporters at the White House, according to Reuters. “But you’ll be seeing what we’re doing right after close of business [on Monday].”

In addition to tracking tariff-related news investors will turn their attention to the housing sector on Tuesday with the September gauge on homebuilder confidence and earnings out of Lennar (LEN) highlighting the schedule.

Lennar is expected to report earnings per share of $1.19 on revenue of $5.64 billion.

A Lennar model home is seen at a development in Arvada, Colorado September 17, 2014. REUTERS/Rick Wilking

AutoZone (AZO) and General Mills (GIS) will join Lennar as the only members of the S&P 500 to report earnings on Tuesday.

Investors will also keep an eye on shares of Oracle (ORCL) and FedEx (FDX), which both reported earnings after the market close on Monday and saw shares decline.

Oracle shares were off about 4% in after hours trading as earnings per share missed expectations while FedEx announced an earnings miss, saying on its conference call that higher wages hit the company’s bottom line to the tune of $170 million, or $0.48 per share according to headlines from Bloomberg.

FedEx’s earnings had been discussed last week as a potential bellwether for signs of widespread wage pressure building in the economy.

Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland